The FT has reported:
Diamond production at De Beers dropped 90 per cent in the first three months of the year after the world’s top diamond miner shut its African mines, in an attempt to stimulate supply and demand in an industry paralysed by merchants’ dependence on small-business loans and the drop-off in luxury goods demand.
Think of the unemployment that causes. In places with no safety net, For people with no safety net.
Think of the loss of income that causes to governments already at their limits.
Think of the suffering that will result.
Then remember why we demand that companies pay their tax wherever it should be due.
And why we demand country-by-country reporting.
I am sure there is nothing that can deliver more money to governments that need it than country by country reporting.
We need it now. People will be dying because we have not got it.
When will the accounting profession get that?